Сегментация влияния сделок слияний и поглощений на цены акций российских банков

Наука и практика. Научно-аналитический журнал РЭУ им. Г.В. Плеханова. 2023. Т. 15. № 4 (52). С. 44–60.

Galanova A., Кайгулова З. Р.

The stock prices of Russian banks are influenced by an infinite number of factors including the fact of their mergers and acquisitions. Usually, the general reaction of the announcement of such transactions on the stock prices of commercial banks that have joined some other bank is investigated using the event study methodology. This reaction has often a negative character manifested in the fact that stock returns of the buying banks temporarily decrease towards their previous value. However, such a change in profitability has its own specifics if banks are divided into economic segments. The performed analysis showed that the negative impact of mergers and acquisitions on the stock returns of Russian commercial banks is practically absent in two cases: when the target bank has relatively small assets in respect to the assets of the buyer bank and when the buyer is a bank in which the amount of capital owned by the state is significant.

Keywords: фондовый рынок, слияния и поглощения, коммерческий банк, цена акции, событийный анализ